Legacy Reserves and Endurance Specialty Holdings Had Large Insider Purchases

Over the past week, two mid-cap companies saw their insiders spend more than $1 million in their stock. Legacy Reserves LP (NASDAQ:LGCY) witnessed the largest stock acquisition. This $1.8 billion market cap company is engaged in the acquisition and development of oil and natural gas properties mainly located in the Permian Basin, Mid-continent and Rocky Mountain regions of the United States. On Tuesday, June 17, Cary Brown, Chairman, President and CEO, and Dale Brown, Board Director, declared the (joint) purchase of 200,000 shares of 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, for $25.00 per share. Following this transaction, in which they spent $5 million, Moriah Investment Partners, an entity owned and controlled by Mr. Dale A. Brown and Mr. Cary D. Brown, holds 200,000 Series B Preferred Units.

In addition to this group, several hedge funds are betting on Legacy Reserves LP. The largest hedge fund shareholder, amongst those we track, is Alec Litowitz And Ross Laser’s Magnetar Capital, which last declared having increased its stake in the company by 80%, to 2.3 million shares, worth more tan $57 million.

Endurance Specialty Holdings Ltd. (NYSE:ENH)

The other company in this list is Endurance Specialty Holdings Ltd. (NYSE:ENH), a $2.3 billion market cap underwriter of specialty lines of personal and commercial property and casualty insurance and reinsurance. Over the past week, the company’s Chairman, Board Director and CEO, John Charman, spent $1.825 million on its stock.

Through 10 separate transactions, the insider acquired 49,559 shares of the company. 29,229 of them were 7.75% Non-Cumulative Preferred Shares (Series A), for which he paid prices ranging from $26.17 per share to $26.69 per share. The remaining 20,330 shares were Ordinary Shares, for which Mr. Charman paid prices ranging from $51.67 per share to $51.76 per share. In addition, the company’s CEO received 283,556 Ordinary Shares as a “Bona-Fide Gift.”

Following all of these transactions, John Charman owns 45,629 Series A shares indirectly (through two separate holdings), 660,638 Ordinary Shares (also indirectly, By Dragon Global Holdings Ltd.), and 589,927 shares, directly.

On top of his bullishness, several hedge fund managers have been upping their stakes at Endurance Specialty Holdings. The most bullish seems to be Ric Dillon’s Diamond Hill Capital, which increased its exposure to the company by 21% over Q1, and now holds 897,172 shares. Others boosting their participation in the company are D E Shaw and David Dreman’s Dreman Value Management.

Disclosure: Javier Hasse holds no position in any stocks mentioned

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Jobs that May Exist in the Future

The Absolute Best States to Shop in the US

5 Best States for Golf Adventures

Top 15 Places To Visit Before You Die

10 Most Expensive Smartphones in the World

10 States with Lowest Physician Density

10 Top Reasons For Getting Fired

The 3 Best States to Start an LLC

10 Jobs That Allow You to Travel

7 High-Paying Jobs You Can Do From Home

12 Best Cities to Shop in USA

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!